The Underground Banking Systems and their Impact on Control of Money Laundering: With Special Reference to Islamic Banking

Introduction of Research Paper

The concept of Islamic banking is gaining momentum nowadays. It has been reported that the establishment of Islamic banks and financial institutions has come as a result of the new challenges posed by the wave of globalisation which has swept all fields of life worldwide. Despite this rapid growth and expansion of Islamic banking, there are many hurdles and dangers which could be fatal to their operations. In this paper only one danger will be examined - money laundering, which has been characterized as the most serious danger threatening not only the economies of all countries but also their tranquility and political stability...............

Published in Journal of Money Laundering Control, Vol. 6 No. 1, pp. 42 - 45, (2002)